Consolidated text of the Comprehensive Economic and Trade Agreement (CETA) was officially released on Friday, September 26th during the EU-Canada Summit in Ottawa. A 1634-page document was released publicly after almost five years of negotiations between Canada and the European Union (EU). The declaration marking the end of negotiations was signed on Friday by Canadian Prime Minister Stephen Harper, Herman Van Rompuy, President of the European Council and José Manuel Barroso, President of the European Commission.

The text was released to Canadian and European government officials in August 2014 and now it is waiting for its ratification in 28 EU member states’ national parliaments. The process of ratification is expected to take from 12 to 24 months.

Quick facts about CETA for Canadian businesses:

Canada’s most ambitious cross-trade deal, even more than the North American Free Trade Agreement.

It will eliminate tariffs and opens new business development and market access opportunities for Canadian businesses – SMEs especially.

It will provide Canadian companies access to all 28 EU markets.

It will include government procurement opportunities for Canadian and European companies.

It will allow for investment in Canada from European companies. The EU is currently the second-largest investor in Canada – more than $171-billion in 2012, representing over 24% of total foreign investment in this country. Canada is the fourth-largest investor in the EU – almost $181-billion in 2012, representing over 28% of Canadian direct investment abroad.

It will boost bilateral trade by 23% and create jobs in virtually every sector of the Canadian economy.

It will translate into a $12 billion, or a 0.8% annual increase in Canadian GDP (estimates by the Canadian Ministry for Foreign Affairs).

It will allow for mutual recognition of some professional certifications.

Fewer visa restrictions will enable Canadian enterprises to move professional labor between the EU and Canada.

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A History of Economic Cooperation

Canada and the EU have a long history of economic cooperation. Composed of 27 Member States with a total population of over 500 million and a GDP of nearly $16.8 trillion in 2010, the EU is the world’s largest single common market, foreign investor and trader. As an integrated block, the EU represents Canada's second largest trading partner in goods and services. In 2010, Canadian goods and services exports to the EU totalled $49.1 billion, and imports from the EU amounted to $55.2 billion.